There are any number of reasons why people buy life insurance from Banner Life Insurance Company. These reasons can be as varied as the people and policyholders. When purchasing a life insurance policy, it is important to ensure that the type and amount of coverage are in line with the policy holder’s needs.
But in addition to that, it is also essential that the underlying company is also financially secure. That is because you want to know that in the future when benefits are needed, the company will be there to make good on its promises. Therefore, before moving forward with any insurance purchase, doing a thorough review of the insurer is an absolute must.
A Review of Banner Life Insurance Company
Banner Life is one of our top 10 life insurance companies in the United States and has a long history of offering quality insurance products and for treating its customers right. It also takes pride in its high rankings, which indicate that the firm is a strong financial contender in the insurance industry.
Unlike some of the other companies in the financial industry, like Globe Life, Banner has not subjected its portfolio to high-risk options or debt, or to any such vehicles such as CMOs (collateralized debt obligations) and direct mortgage loans. Nor has the firm’s portfolio been exposed to equity investments, real estate, or credit default swaps. This has helped to keep its assets safe, liquid, and well diversified.
History of Banner Life
Banner Life Insurance Company has been in the insurance and financial industry for nearly 180 years. So, this company has a very long history of working with customers in both growing and protecting assets.
The Legal & General company initially began its operations in 1836 in the United Kingdom. Throughout the years, it grew and changed. In 1949, the company that is now Banner Life became chartered as the Government Employees Life Insurance Company – also known as GEICO. This company was subsequently acquired by Legal & General Group Plc in 1981.
Today, the company is officially known as Banner Life. This signifies the flagship company with Legal & General America in the United States. In 2013, the Banner Life Insurance arm has approximately $437 of insurance in force. Also, Banner Life Insurance Company’s subsidiary, William Penn Company of New York, also came into the group of Banner Life Insurance companies back in 1989.
At Legal & General, and at Banner Life, the company has a core idea that “every day matters.” This is presented in the strong focus that these firms have on their customers. One way that this is shown is in the socially responsible leadership role that the company enacts. In addition, the company also stresses that it will help in making financial security easier for its customers to achieve.
Today, Legal & General has nearly 1,150,000 customers in the United States alone. The firm ranks 5th in the U.S. in terms of new insurance coverage, issuing more than $73 million in new life insurance in 2014. That puts Legal & General far ahead of many large insurers that have far more well-known names.
Legal & General also has a great deal of ongoing financial strength. The firm’s operating companies had more than $6.2 billion in assets as of 2014’s year-end. And, the firm had a capitalization level that was nearly triple that of the insurance industry’s average.
With a net income of approximately $82.5 million in 2014, Legal & General also has something to be proud of – thanks to its customers and policyholders. Given that, the company knows that when the time comes to pay back in terms of claims, it will do so with pride.
How Banner Life Insurance Company is Rated
Banner Life has consistently received high ratings from the insurance company rating agencies. This shows that the company has a good reputation for paying out its claims to its policyholders, and that it is considered to be strong and stable from a financial standpoint.
The company has been given a rating of A+ from A.M. Best. This represents Banner Life as being Superior. The firm has also been given a rating of AA- from Standard & Poor’s, which is considered as very strong.
Legal & General also has been given extremely high ratings from the ratings agencies. These include:
- A+ from A.M. Best
- AA- from Standard & Poor’s
- AA- from Fitch
- 94 COMDEX score
Products Offered
Banner Life Insurance Company offers a variety of products to its customers. In addition, there are also a number of insurance products offered through William Penn Life Insurance Company that are underwritten by Banner Life.
The insurance that is sold via Banner Life Insurance Company is distributed in 49 U.S. states, and in Washington, D.C. William Penn, however, is only licensed to sell insurance products in the state of New York. Therefore, New York is the only state where Banner Life Insurance Company insurance products are not offered.
One thing that Banner Life is known for is it low priced term life insurance coverage. The company also, however, offers very favorable underwriting terms on its life insurance policies. Therefore, even if an individual may have a certain health issue, they could still qualify for a Banner Life Insurance policy due to its less stringent underwriting.
The term life insurance coverage that is provided by Banner Life Insurance Company is offered for time periods of 5, 10, 15, 20, 25, and 30 years. During these time periods, the premiums are guaranteed to remain level and cannot be raised by the insurance company. After the time frame has elapsed, however, the premium can go up.
The term life insurance policies that are sold via Banner Life Insurance Company are typically best for those who are:
- Seeking income replacement for a surviving spouse
- Young adults with kids to send to college in the future
- People with a mortgage or other debt to pay off
- Wanting to purchase more coverage and who are on a budget
In addition to term life insurance, Banner Life also offers universal life insurance coverage. A universal life insurance policy can cover an insured until the time that the individual reaches the age of 120.
Unlike term insurance, a universal life insurance policy will also include a cash value component. Therefore, the insured can build up a tax-deferred savings account. This account will not be taxed on the gains – unless or until the time they are withdrawn. And, with universal life insurance coverage, the policyholder has a great deal of flexibility in terms of when the premium can be paid, as well as how much of his or her dollars will go towards the life insurance death benefit and how much will go towards the cash value build up.
The premium flexibility also allows the policyholder to choose a lower premium that will guarantee coverage for a lesser duration such as coverage to age 100. This can provide the policyholder with a different set of options – based on his or her specific needs. In some cases, the premium payments may even be able to stop – which still protecting the policyholder for the remainder of their lifetime.
At Banner Life, the universal life insurance coverage is typically a good option for:
- Older policyholders who may have grown children
- Business owners
- People who have or want a financial cushion
- Those who want to build a nest egg that will accumulate cash value
In addition to its less strict underwriting processes, Banner Life Insurance Company is also well known for its cost effective coverage, along with its stellar customer service practices. Therefore, it has strived to build up long lasting partnerships that are mutually beneficial.
The products that are offered by the insurer are sold through independent insurance brokers in all of the 49 U.S. states, as well as Washington D.C. The company ensures that products are sold ethically and honestly through these brokerage agencies.
The firm provides a number of different underwriting categories, for both smokers and non-smokers, including:
- Standard Tobacco
- Preferred Tobacco
- Standard Non-Tobacco
- Standard Plus Non-Tobacco
- Preferred Non-Tobacco
- Preferred Plus Non-Tobacco
Although there are many advantages to doing business with Banner Life Insurance Company, there are also just a few drawbacks. One of these includes the fact that the company itself is not a well-known name within the insurance industry. Because of that, it will oftentimes be overlooked by consumers when considering life insurance coverage.
Additional Products Offered
Legal & General also offers annuity products. Annuities are insurance products that pay out an income stream, and can also be used as part of one’s overall retirement strategy. These financial vehicles have become very popular options for investors who want to ensure that they have a steady and reliable retirement income in the future – especially in light of the fact that pensions are quickly disappearing, and nobody knows the future of Social Security.
There are many common forms of annuities. These can include:
- Life Annuities
- Life Annuities with Cash Refund or Installment Refund
- Life Annuity with Period Certain
- Temporary Life Annuity
- Period Certain Annuity
- Joint and Survivor Annuity
- Joint and Survivor Annuity with Cash Installment Refund
The annuity that is right for an investor will depend primarily on their risk tolerance, their investment time horizon, and their overall investment and income goals. As with any other type of investment or insurance product, it is always best to ensure that an annuity fits in with other aspects of one’s overall portfolio before moving forward.
How and Where to Get the Best Life Insurance Policy Quotes
In order to obtain the best life insurance policy quotes on Banner Life Insurance Company products – or on any life insurance policies – it is typically best to work with an agency or a company that has access to more than just one life insurance carrier. This is because you will be able to more directly compare multiple insurance policies, benefits, and premium quotes, and from there, you can determine which will work the best for you and your specific needs.
When you are ready to move forward with the purchase of a life insurance plan, we can help. We work with many of the best life insurance companies in the marketplace today, and we can assist you with obtaining all of the important details that you will need for making an informed purchase decision. We can do so for you quickly, easily, and conveniently – all from the comfort of your home computer – and without the need to meet with a life insurance agent. If you are ready to begin, all you have to do is just simply <Click Here Now>.
Should you find that you have any additional questions about Banner Life Insurance Company – or even if you have any questions about life insurance in general – please feel free to contact us. Our experts are here and are happy to address any type of questions or concern that you may have. We can walk you through questions such as:
- How much coverage do I need?
- What is the best type of coverage for me?
- Which is the best insurance carrier for my situation?
We can be reached directly, via phone, toll-free, by calling 888-229-7522. We understand that the purchase of any type of life insurance may at time seem a bit overwhelming. There are a lot of factors to consider – and there are many carrier that you can choose from. This is why it is important to have an independent ally that you can rely on for an unbiased comparison.
The good news is that, even if you’ve been turned down for life insurance coverage in the past, there are many options that you still have to choose from. So, contact us today – we’re here to help.